I tell my clients to stop listening to the nightly news. They are talking about home prices in places like Austin, Boise, and Phoenix. Our Local Market prices actually rose last month – Up 3K from November and 10% from a year ago. The median sales price increased in December to $280,000. Real Estate is Local! Click HERE for Full PDF Market Report
While Sales are Slowing :
It took an average 46 days to sell a house in December, 11 days longer than in November and almost double from a year ago. Sales were down 29% from a year ago. New listings are down as well (23% from last December).
Active Inventory is Growing:
Up 3,816 from 2,088 a year ago. Still only a 1.6 month supply. That’s over 2x what there was a year ago, but still a long way from being a balanced market.
During the past two years, we saw homes selling over the asking price but are now selling at 97.7% of the list- believe me when I say – a “normal” number.
Do you need some advice on what to do next..…Call or Text me (317) 625-0655. Let’s put together a winning strategy in this ever-changing market!!!
That’s right. A seller can no longer expect to have 20 showings the first weekend and get eight offers above list price with no appraisal or inspections. That was so 2021. It just hasn’t been happening for months now.
Many buyers, staring at a mortgage sporting a 6+% interest rate, have taken their ball, and are sitting at home. True, some push on regardless- think those with a new baby, moving mom home, or moving to take a new job. But for the majority, they are waiting for something to come down- either rates or home prices, or some combination of the two.
November numbers are out, and there were fewer sales (down 29% from a year ago)— yet lower inventory (down 78%). And prices are sticky, being up 10% from a year ago but possibly having peaked (around $277,000 on average). It’s taking longer for homes to be sold, and Buyers are now securing deals at a 2% discount from ask. We are far from a balanced market, but it is getting healthier.
Sellers will need to put their house in good order (think about what was done to sell a home in 2019). And then be prepared to negotiate. On the other hand, Buyers can find Sellers offering interest-rate buydowns and other discounts to make their home more affordable.
This is a NEW market. You do not want to get caught fighting the last war. Call or text today to put together a winning strategy in this fast-changing market!!!